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Blackstone REIT Declares Monthly Net Asset Value Per Share

Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of April 30, 2021.

Blackstone Real Estate Income Trust, a publicly registered non-traded REIT sponsored by private equity giant The Blackstone Group (NYSE: BX), updated its monthly net asset values for its Class S, Class I, Class D and Class T shares of common stock, as of April 30, 2021.

Class S shares, which are purchased through brokerage and transaction-based accounts, have a net asset value per share of approximately $12.13. The previous month, Class S shares had a monthly NAV of approximately $11.93 each.

Class I shares, which have a net asset value per share of nearly $12.10, are sold to endowments, foundations, pension funds and other institutional investors, as well to REIT executives, directors, and their immediate family members. The previous month, Class I shares had a NAV per share of nearly $11.90.

Class T shares have a per share NAV of roughly $11.92 and are available through brokerage and transaction-based accounts. The previous month, Class T shares had a per share NAV of $11.72.

Class D shares have a net asset value per share of nearly $11.94 each and are sold through fee-based programs known as wrap accounts, and through participating broker-dealers, certain registered investment advisers, and through bank trust departments or other organizations. The previous month, Class D shares had a NAV per share of approximately $11.75.

The REIT noted that the price movement was driven by increases in the value of its industrial and multifamily properties. Shares were originally priced at $10.00 each.

As of April 30, 2021, the REIT owned a property portfolio valued at roughly $39.6 billion and had investments in real estate debt totaling nearly $5.4 billion. The REIT also had investments in unconsolidated entities totaling $1.3 billion.

The company’s investment strategy is to purchase primarily stabilized, income-generating commercial real estate in the United States, and to a lesser extent, invest in real estate debt and other securities.

Blackstone Real Estate Income Trust registered two offerings for a total of up to $17 billion in shares of common stock and accepted gross offering proceeds of $16.3 billion during the period January 1, 2017 to February 1, 2021. The REIT subsequently registered a follow-on offering of up to $24 billion in shares of common stock that was declared effective by the SEC in February 2021. As of May 15, 2021, Blackstone REIT had raised $3.3 billion in the current primary offering.

As of the first quarter of 2021, the REIT had received total net proceeds of $24.2 billion from selling shares through both the offering and in unregistered sales.

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